Tech could be the catalyst to lift the stock market to new highs

CNBC2021-05-28

The S&P 500 could head to a new high in the near term, if tech stocks can continue to act as a booster to the broader market instead of a drag. For the week so far, tech has gained 1.3% though it was ...

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Comments

pekss
2021-05-30
pekss
Tech / growth stocks will be the next catalyst, then followed by value stocks, then back to growth stocks, ...... With a diversified portfolio, it helps us regardless which is the catalyst in play :)
Heng8818
2021-05-29
Heng8818
What goes up must come down !
- Expert126:
  agree
ping23
2021-05-29
ping23
pls comment back
Philipthean8
2021-05-28
Philipthean8
Personally I think tech stock is overprice
老Uncle
2021-05-28
老Uncle
Most definitely i say ??
Cucumbers
2021-05-28
Cucumbers
Come on Tech!

Leave a comment

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For the year so far, tech is one of the three worst sectors, up just 5.6%, compared to the 11.8% gain in the S&P 500.\n“The question is was that a broken bounce in those names and is it almost over or could they sustain a move over the next few weeks which would also sustain sentiment for the S&P to hit new highs heading into the Fed meeting June 16,” said Scott Redler, partner with T3Live.com.\nTech has been trying to regain traction and has been helped in part by lower Treasury yields.\nRedler said he has been watching tech and what he calls the “tech concept” stocks, high fliers and momentum names, some of which are held in Ark funds, like ARKK, the ARK Innovation ETF.\nThe S&P 500 closed at 4,200 Thursday, up 4, off its high of 4,213. Redler said MSCI’s rebalancing forced some funds to sell momentum and tech names Thursday and buy industrials and banks. “It put some mechanical pressure on tech,” he said. “It wasn’t a big deal.”\nThe Nasdaq was flat Thursday, ending the day down 1.7 points, or 0.01% at 13,736. The Nasdaq was up nearly 2% for the week so far.\n\n“The action in the next day or so should be more important,” he said. “If tech and momentum tech continues to hold in here, it could provide a bit of a tailwind, rather than a headwind like they did in February and March.”\nFacebook and Alphabet both advanced Thursday, but fellow FANG name Amazon remained under pressure. Some momentum names finished higher, including Palantir, up 2.7% Thursday;Draftkings gaining 0.4%, and Plug Power, higher by 0.8%.\nRedler said it’s important that the S&P hold above 4,150, in order for the market to move to new highs.\nCFRA chief investment strategist Sam Stovall said he has a market weight on tech, and says it has been helped by the decline in bond yields. Tech slid as yields rose, and the bench mark 10-year Treasury yield touched 1.75% at the end of March. The 10-year yield, which moves opposite price has slipped below 1.60% and was at 1.59% late Thursday.\n“What is in encouraging is the market seems to be rotating away from extremes,” he said. Stocks have been in a tug of war as investors tossed out tech and growth and bought cyclicals, like industrials and materials.\nStovall this week upped his year end target on the S&P 500 to 4444, above the median target of strategists surveyed by CNBC of 4,300. He expects the S&P to rise about another 10% by the end of May next year, to 4,620.\n“One reason the yield is backing off is probably won’t end up with such a large infrastructure package as was initially proposed,” said Stovall. “Investor confidence is improving because we won’t likely see a tax increase or it will be a modest one.”\nStovall expects stocks to continue to move higher by gains in global GDP and earnings growth projections. He does expect the market enthusiasm to be tempered by the prospect of smaller infrastructure package and concerns about inflation and rising interest rates.\nImportant dates for the Fed - and interest rates - bookend the summer. The markets have been anticipating some clarity on when the Fed could start stepping back from its easing policies.\nThe Fed has said it would start discussing the tapering its bond purchases at one of its upcoming meetings. Some market pros expect to hear the first talk about tapering to come informally at the end of the summer when the Fed holds its annual symposium in Jackson Hole, Wyo. Aug. 26.\nBut first, the market is focused on the next meeting at the start of the summer. The Fed meets June 15 and 16, and Fed Chairman Jerome Powell is widely expected to continue to sound dovish.\n“Some traders are worried how the market will react if he joins the other Fed speakers and indicates the Fed should start talking about tapering,” said Redler. “If the message stays steady and he says inflation is transient, chances are the market is going to be on the same kind of cruise control it’s been on in the last couple of weeks.”\nRedler said there’s a chance the cyclicals and tech can move higher together if the Fed is not too hawkish in June, triggering a move higher in interest rates.\nStovall said the month of June is not historically strong in terms of market gains, but it does not include big pullbacks either.\n“The market rarely swoons in June. Adding up the pullback, corrections and bear markets, for declines of 5% or more, June has the second lowest percentage of all 12 months, second only to December,” said Stovall.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":137888956,"gmtCreate":1622336868475,"gmtModify":1704183096370,"author":{"id":"3581636635898281","authorId":"3581636635898281","authorIdStr":"3581636635898281","name":"pekss","avatar":"https://static.tigerbbs.com/7dfef98c44b3810cffef7f3eb78524ba","vip":1,"crmLevel":5,"crmLevelSwitch":1,"idStr":"3581636635898281"},"htmlText":"Tech / growth&nbsp;stocks will be the next catalyst, then followed by value stocks, then back to growth stocks, ...... With a diversified portfolio, it helps us regardless which is the catalyst in play :)","listText":"Tech / growth&nbsp;stocks will be the next catalyst, then followed by value stocks, then back to growth stocks, ...... With a diversified portfolio, it helps us regardless which is the catalyst in play :)","text":"Tech / growth stocks will be the next catalyst, then followed by value stocks, then back to growth stocks, ...... With a diversified portfolio, it helps us regardless which is the catalyst in play :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/137888956","repostId":1131383761,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":134660326,"gmtCreate":1622222628065,"gmtModify":1704181884235,"author":{"id":"3568786704362500","authorId":"3568786704362500","authorIdStr":"3568786704362500","name":"Heng8818","avatar":"https://static.tigerbbs.com/3764044eede2191369830316254f5b6e","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3568786704362500"},"htmlText":"What goes up must come down !","listText":"What goes up must come down !","text":"What goes up must come down !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/134660326","repostId":1131383761,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4508873,"gmtCreate":1622389900342,"gmtModify":1680792021913,"authorId":3554886109685293,"author":{"id":3554886109685293,"authorId":3554886109685293,"name":"Expert126","avatar":"https://static.tigerbbs.com/2d4304f2ec7fabd9d599a3ba8b2a17e0","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":134660326,"type":1,"supId":0,"prevId":0,"content":"<u>agree</u>","text":"<u>agree</u>","html":"<u>agree</u>"}],"langContent":"EN"},{"id":134609853,"gmtCreate":1622218414872,"gmtModify":1704181823308,"author":{"id":"3574521189147374","authorId":"3574521189147374","authorIdStr":"3574521189147374","name":"ping23","avatar":"https://static.tigerbbs.com/c38fda829a130d716804cbae538a7cb8","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3574521189147374"},"htmlText":"pls comment back","listText":"pls comment back","text":"pls comment back","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/134609853","repostId":1131383761,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":134326634,"gmtCreate":1622209101928,"gmtModify":1704181507548,"author":{"id":"3562228753214209","authorId":"3562228753214209","authorIdStr":"3562228753214209","name":"Philipthean8","avatar":"https://static.tigerbbs.com/a64d44f91f21979956dc4a5f98710d97","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3562228753214209"},"htmlText":"Personally I think tech stock is overprice&nbsp;","listText":"Personally I think tech stock is overprice&nbsp;","text":"Personally I think tech stock is overprice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/134326634","repostId":1131383761,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":134978266,"gmtCreate":1622204645255,"gmtModify":1704181414223,"author":{"id":"3581063216443091","authorId":"3581063216443091","authorIdStr":"3581063216443091","name":"老Uncle","avatar":"https://static.tigerbbs.com/ef0828d104dbb47c9e2122177cf0d3b5","vip":1,"hat":"https://static.tigerbbs.com/6444b4970948c1077534c593eccd6d16","crmLevel":4,"crmLevelSwitch":1,"idStr":"3581063216443091"},"htmlText":"Most definitely i say ??","listText":"Most definitely i say ??","text":"Most definitely i say ??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/134978266","repostId":1131383761,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":134965502,"gmtCreate":1622201666106,"gmtModify":1704181364566,"author":{"id":"3576794201858255","authorId":"3576794201858255","authorIdStr":"3576794201858255","name":"Cucumbers","avatar":"https://static.tigerbbs.com/e738e1e68e462d14f96cf6ac301fbd37","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3576794201858255"},"htmlText":"Come on Tech!","listText":"Come on Tech!","text":"Come on Tech!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/134965502","repostId":1131383761,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":28,"commentSize":15,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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